It has been estimated that the price elasticity of supply (PES) of specialised offshore wind turbines is 0.40 in the short run and 1.60 in the long run. Which of the following combinations of statements is correct?
Short-run PES of specialised offshore wind turbines: Elastic; Long-run PES of specialised offshore wind turbines: Elastic
Short-run PES of specialised offshore wind turbines: Elastic; Long-run PES of specialised offshore wind turbines: Inelastic
Short-run PES of specialised offshore wind turbines: Inelastic; Long-run PES of specialised offshore wind turbines: Elastic
Short-run PES of specialised offshore wind turbines: Inelastic; Long-run PES of specialised offshore wind turbines: Inelastic
